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Anmol Inc. is expecting to pay $1.25, $1.20, and $1.15 in annual dividends for the next three years respectively. After that, it projects that dividends

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Anmol Inc. is expecting to pay $1.25, $1.20, and $1.15 in annual dividends for the next three years respectively. After that, it projects that dividends will increase by 2.5% annually. Bowen is in the 25% marginal tax bracket and wants to earn 7% after-tax on his capital investments. How much is Bowen willing to pay today for one share of Anmol Inc. stock? Ignore the dividend tax credit

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